Mortgage Calculator
Fixed-rate mortgage · monthly payments · full amortization schedule
Interactive Tool
Default assumptions (Michigan context)
- Home price $300,000 — approx. 2024 median list price for a 3BR home in mid-Michigan.
- Down payment 20% — conventional threshold that avoids PMI (Private Mortgage Insurance).
- Rate 6.5% — approximate 30-year fixed rate as of early 2025; check current quotes before deciding.
- Property tax $3,600/yr — reflects ~1.2% effective rate, near Michigan's statewide average.
- Home insurance $1,200/yr — typical baseline; varies by location, age, and coverage.
- Not included: PMI, HOA fees, maintenance, closing costs. Assumes no prepayments.
Monthly Payment (P&I)
—
principal + interest
Total Monthly (PITI)
—
incl. tax & insurance
Total Interest Paid
—
over full loan term
Total Cost of Loan
—
principal + interest
Annual Amortization Schedule
| Year |
Principal Paid |
Interest Paid |
Total Paid |
Remaining Balance |